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Bond insurers withdraw legal challenge to Puerto Rico's fiscal plan

Puerto Rico bond insurers have voluntarily withdrawn without prejudice their legal challenge to the island's fiscal plan, citing the crisis caused by Hurricane Maria and the strong probability of a revision.

The plaintiffs in the case include MBIA Inc. unit National Public Finance Guarantee Corp., as well as Assured Guaranty Ltd. units Assured Guaranty Municipal Corp. and Assured Guaranty Corp.

The insurers earlier challenged the legality of the island's turnaround plan, claiming that it ignored creditor rights and violated the Puerto Rico rescue law known as the Puerto Rico Oversight Management and Economic Stability Act, or PROMESA, and the U.S. Constitution.

The insurers said they are pulling the lawsuit as the focus should be on rescue, restoration and relief for Puerto Rico. They also believe that there is a strong likelihood that the fiscal plan will be amended.

Assured Guaranty asked the Financial Oversight and Management Board for Puerto Rico to "reset its relationship with creditors, correct the defects in the current fiscal plan and work collaboratively with creditors on a new fiscal plan." The insurer also warned that it would refile the lawsuit if there is "insufficient progress" in creating a new fiscal plan.